Thursday, June 9, 2016

Trade Ideas: Cable pairs in an expected correction.

Sequel to the last video analysis, we expect Gbp pairs to rally in a large corrective move.
Below, we give you these cable pairs to consider,

1. Gbpnzd

The interest rate data released by RBNZ was unchanged, but that didn't stop price being dragged further downward to a very good Fibonacci congestion point. This is a very important level that we have been watching. We thereby expect the major correction to start from here.
We will definitely wait for price to move substantially. Candlestick patterns and other viable technical tools can be used for confirmation.

2. Eurgbp

Price rallied in an impulse mode after a very fast dip we saw weeks ago. A correction is expected downward. The second leg of the correction was a deep zigzag pattern, we expect the third to dip further to 0.77119 or below. A break of the channel line should provide a conservative entry.

3. Gbpcad

The expected surge upside is expected to be a corrective 4th wave and thereby may not be very substantial as regard risk/reward ratio.
If the trendline is broken upside, a move to 1.8690 or above should be expected.
This could be good for short term traders/scalpers.

4. GbpJpy

Of course, just like others, a move upside is expected to complete the correction upside before the downward move will continue. The (b) wave itself is a good zigzag pattern when viewed from the minute time frame.
A break upside the trendline should be a good confirmation and price will be expected at 160 levels.

5. GbpAud

A well complete impulse wave being the first leg of a larger term correction. A correction of its own is expected to 2.00 levels. A break above the trendline will be a good confirmation.

And lastly

6. GbpChf

Jut like others mentioned above, a correction upside is expected. A break above the falling trendline should be a good confirmation. Other technical tools can be utilized.

This is the speculative advantage Elliott wave principles can give to us. We will watch how price responds to this pattern.

I will post an update here.

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